How much money would it take for you to retire right now?

[Shadow King]

There seems to be an assumption that COL will be the same for the next 4 decades...these answers is light lol

Piggybacking off myself, a while ago speaking to a financial advisor calculator ran my magic number at over 3M, but that's based on retirement at 65 and life expectancy.

Cats is 40 talking about this number or less.

Edit: "The calculator" lol

 

[Traveler]

I'm 7 years from Retirement. I'll make 20k a month. House will be paid off. That's a very comfortable living. Plus I'm moving to Texas an 100% VA disabled. So no property tax.

 

[Belize King]

Piggybacking off myself, a while ago speaking to a financial advisor calculator ran my magic number at over 3M, but that's based on retirement at 65 and life expectancy.

Cats is 40 talking about this number or less.

You’re right about COL. I don’t think 4Ms is enough. Living off 75K a year for the rest of my life even with my house paid off would be tough. I’d bump it up to 120K to take into consideration COL 20-40 years from now.

50 years X 120k = 6M.

I’d take 6Ms, pay my houses off and never work another day in my life. I would make the 120 a year work

No need to invest or have that money make money. I think that’s the point of the exercise anyway. How much would it take for you to retire and not try to flip the money.

 

[Ezekiel 25:17]

You’re right about COL. I don’t think 4Ms is enough. Living off 75K a year for the rest of my life even with my house paid off would be tough. I’d bump it up to 120K to take into consideration COL 20-40 years from now.

50 years X 120k = 6M.

I’d take 6Ms, pay my houses off and never work another day in my life. I would make the 120 a year work

No need to invest or have that money make money. I think that’s the point of the exercise anyway. How much would it take for you to retire and not try to flip the money.

Y'all living on the eastcoast in a major city?

Most people don't come anywhere close to 6M. I mean great for those who do, but I'm just being realistic. Also as you get old you tend to spend less money. And don't expect social security to still be around during our generation.

At $2 million with a 6% return, that's $120k/yr.

 

[KING WILL]

I think some of yall are not quite understanding how FIRE, or retiring early is supposed to work.

 

[Shadow King]

You’re right about COL. I don’t think 4Ms is enough. Living off 75K a year for the rest of my life even with my house paid off would be tough. I’d bump it up to 120K to take into consideration COL 20-40 years from now.

50 years X 120k = 6M.

I’d take 6Ms, pay my houses off and never work another day in my life. I would make the 120 a year work

No need to invest or have that money make money. I think that’s the point of the exercise anyway. How much would it take for you to retire and not try to flip the money.

Always try to have that money make money, especially if you're going to take a lump sum.

120K ain't enough for me but I'm speaking on Jersey living.

 

[KING WILL]

FI Calc

ficalc.app

Good calculator to play around with.

According to this, if I would retire today amd keep my spending at its current levels, I would have the following after 30 yrs:


Median Bal : $1.9M
Avg Bal : $2.2M
S. D. : $1.4M
Largest Bal : $5.5M
Smallest Bal : $20K

This comes from over 100 simulations tracking multiple 30 yrs periods of actual stock market returns.

Also, 54% of the time the ending balance is at least 100% higher than the starting balance.